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Retirement planning checklist

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1. Evaluate your current situation

You can use a retirement calculator, such as MoneySmart to roughly estimate how much money you could have when you retire. Consider all your retirement income streams, including your super, employment, and other investments.
Also, consider whether you have any outstanding debts or multiple super accounts. Having multiple super accounts can result in higher fees and negatively impact your retirement savings. Before you consider consolidating your super, check for any existing insurance policies within your super.

2. Decide what kind of retirement you want

Do you want a modest retirement, a comfortable retirement, or do you want to enjoy even more freedom? You can use the ASFA guidelines to get an idea of what lifestyle different superannuation balances can equate to in retirement.

3. Make a plan

If you’re not on track to meet your goals, there are several things you can do to boost your retirement wealth. For example, topping up your super savings. This can be an effective way to get you closer to your goals. Making voluntary contributions to your super or setting up salary sacrifice are two ways to build up your super savings.
Working part-time is another option. But if you’re eligible for the Age Pension, you’ll need to consider how much you’d like to earn working part-time. If you own property or have other investments like shares, you need to consider whether to keep or sell them.
You’ll also need to think about the tax impact of these decisions and how it might affect your eligibility for other benefits.

4. Nominate beneficiaries

To ensure your money goes to your loved ones in the event of your death, you can nominate someone to receive your super. However, there are various conditions that apply, and talking to a financial adviser can help in making an informed decision.

5. Set up income streams

Even if you’ve accumulated a large amount of super over the years, you need to think about the most cost-effective and tax effective way to access it. Setting up an income stream, for example through an account-based pension, can be more tax-effective than simply withdrawing lump sums and can provide a reliable, ongoing payment. However, there is a lifetime cap on how much can be transferred to a tax free income stream and penalties can apply if the cap is exceeded.
You’ll also want to understand what government benefits you might be eligible to receive – for example the Age Pension, or other concessions.

6.Review your insurance cover

When you originally opened your super account, insurance might’ve been added automatically. It could also have been arranged outside of your super. It’s important to review your level of insurance as your circumstances change. For example, you might get married or divorced. Keeping your insurance up to date could make a significant difference to you and your loved ones.

7. Action your plan

Do you need to consolidate your super accounts? Set up an income stream for your super savings? Pay off existing debts? Update your insurance cover? Once your goal is clear and your plan is in place, you need to take action. As always, talking to a financial adviser can help with this.

Smart moves before the financial year ends

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The end of the financial year is an opportunity to optimise your financial strategy, take advantage of tax deductions, and set yourself up for the new financial year.

Whether you’re looking to maximise tax benefits, rebalance your investment portfolio, or to simply ensure you’re ticking all the right boxes, smart end of financial year (EOFY) planning can make a big difference.

So, to finish the financial year on a high note, start by mapping out your finances and investment portfolio and collect all the relevant documents. It can be a tedious task if your filing isn’t up to scratch, so it can be useful to set up a system as you go to make it easier for the next financial year.

You will need your bank statements, superannuation fund statement, self- managed super fund (SMSF) paperwork if relevant, a record of any capital gains or losses from the sale of assets such as shares or property, details of share dividends including any dividends earned through a Distribution Reinvestment Plan, and records of any other investments or income received.

Looking for deductions

On the other side of the ledger, there are limits on deductions for most categories of expenses but it’s a useful exercise to gather the evidence of all costs associated with employment and income-producing investments – whether or not they’re tax deductible.

For the most part at least, some deductions are allowed for certain work-related costs, donations over $2 to approved not-for-profits, the costs of managing your tax affairs, eligible investment property expenses, income protection insurance premiums (if the premiums are paid outside of your super fund), and expenses linked to a financial investment – such as attending a seminar directly related to the investment or the cost of account keeping fees on bank accounts used only for investment.i

The ATO is keeping a close eye on work-related expenses and working from home deductions this year, saying there must be “a close connection to your income earning activities, and you should be prepared to back it up with records like a receipt or invoice”.ii

Get ahead with early payments

One way of maximising deductions in this financial year is by paying early deductible expenses due next year such as insurance premiums, subscriptions, or business rent if applicable. But remember to check first to see which expenses may be eligible to prepay.

Small businesses also have access to an instant asset write-off for the business portion of assets under $20,000, that were purchased and used in this financial year. The instant asset write-off is available to businesses with an annual turnover of less than $10 million.iii

Review your portfolio

At this stage of the year, it’s a good time to take stock of your investments including shares, superannuation and property. You may want to check that your investment strategy is still appropriate for your needs and expectations and review any underperforming assets.

The review will help you to decide whether you have an opportunity to top-up your super fund or SMSF. If you have funds to spare, making the most of the total contribution amount allowed both in this financial year and for the last five years, could give your retirement planning a serious boost.

It’s also a chance to review super indexation changes due from 1 July to see if there’s a need to take action before 30 June or to wait. For example, the amount that can be transferred into the retirement phase (known as the general transfer balance cap) will increase to $2 million on 1 July, up from $1.9 million this financial year. That might affect the decision to begin a pension this month as opposed to next.

There’s a lot to consider right now to make sure you’re optimising tax savings and that your planning today leads to a financial reward tomorrow. Give us a call if we can help.

Going Green with Your Portfolio: Getting Smart or Getting Trendy?

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With World Environment Day on June 5, many Aussie investors are considering whether environmentally conscious investing is a worthwhile aspect of their financial strategy. Whether you’re younger and new to investing or eyeing retirement in the coming decade, understanding the pros and cons of ‘green investing’ could impact both your returns and your conscience.

The upside of green investing

Let’s face it: environmental concerns are more than simply trendy talking points. Climate change, resource scarcity, and pollution have real economic impacts that savvy investors cannot ignore. Companies that fail to adapt to environmental challenges may struggle in the long run, while those that embrace sustainability often demonstrate stronger risk management and innovation.
For younger investors, environmentally aware investing offers a chance to grow wealth while supporting the world you inherit. Many environmental investment options have delivered competitive returns compared to traditional investments, challenging the old myth that you must sacrifice performance for principles.
Meanwhile, pre-retirees may find that green investments offer portfolio diversification that can help mitigate market volatility. As governments around the world enforce stricter environmental regulations, companies that are ahead of the compliance curve may avoid costly penalties and disruptions that could affect your retirement nest egg.

Potential pitfalls

Despite the positives, green investing isn’t without challenges. The ‘greenwashing’ phenomenon, where companies exaggerate their environmental credentials, makes it difficult to identify truly sustainable investments. Without proper research or guidance, you might end up backing enterprises that don’t align with your values.
There’s also the issue of sector concentration. Environmental portfolios often lean heavily towards certain industries like renewable energy or technology, potentially creating an imbalance in your investment strategy. This concentration could expose you to specific market risks, rather than spreading them across diverse sectors.
Older investors nearing retirement need to ensure that environmental investments fit within their risk tolerance and income needs, rather than simply following a feel-good trend.

Working for you and the planet

The good news? You don’t need to choose between financial performance and environmental values. With proper research and professional guidance, you can incorporate green investments that complement your broader financial goals and timeline.
Whether you’re looking to start small with a green portion of your portfolio or want to align your investments with environmental values comprehensively, as your financial adviser, we can help navigate the increasingly sophisticated landscape of sustainable investing options.


Ready to explore how environmental investment might fit into your financial plan? Contact us today for a personalised discussion about making your money work for both you and the planet.

Teach your kids money & apps

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We all want the best for our kids. Life throws many challenges at them as they grow up, and one that is becoming more and more important is navigating the financial side of things – dealing with money in an ever-changing world.
Wireless-based technology allows children from alarmingly young ages to do everything online, usually via a mobile device. Having instant access to the world is an expectation for many youngsters nowadays. What child doesn’t know what an app is?

Growth in apps related to money

There are literally thousands of apps available; hundreds are money-related. It’s a popular and growing market. But with so many to choose from, which ones are good for kids, and which ones are good for parents to teach their kids?
There are several types of money apps available, and their practical use depends on your child. The proactive approach is one where the kids manage themselves to earn pocket money. Some include specific chores or jobs that can be entered in and ticked off as they are completed, further teaching children about the responsibility of earning their rewards. This, in turn, adds up their pocket money for a handout at ‘payday’. This type of app is for the disciplined child (and the trusting parent!).

An app alternative

A more reactive approach for parents to adopt is the automatic transfer. Once a bank account is established, pocket money is deposited each week or month and even reversed if jobs have not been completed. Supervised logging in (by an app on a mobile device as well) to review savings progress is a fantastic exercise for the child, as they can learn the ins and outs of cash flow and compound interest. They can track their spending, so they have a real-life concept of what is happening each month.
Although this may involve an initial trip to the bank branch, a single account can be established with sub-accounts for each child. This keeps it simple and all with one login. It can also be combined with an app.

Children develop their own money habits early. Their money personality shines through (spendthrift or hoarder, for example), and by understanding these and finding the right tools and resources, parents can coach children to make smart decisions that carry through to their teens and adulthood.
It’s a bonus that combines their love of gadgets with their appreciation of money!

Will You or Will you Not

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“I don’t have enough assets to worry about a will.”
“I’m too young to think about estate planning.”
“I’ll get around to it later.”

Does this sound familiar? If so, you’re not alone. According to a Finder survey, almost 60% of Australians don’t have a Will or an Estate Plan in place.
But if you don’t take control of your future, who will?
Many assume that estate planning is only for the wealthy or elderly, but the reality is that everyone – young or old, single or married – needs to have their legal affairs in order. Life is unpredictable, and while no one likes to think about what happens when they pass away or become incapacitated, failing to plan can leave your loved ones burdened with legal battles, financial stress, and uncertainty.
When you consider the potential financial and emotional impact on loved ones left to navigate unclear legal affairs, it’s easy to see why creating or updating a Will and other key legal documents is so crucial.

Why Estate Planning Matters

If you don’t make key legal decisions, someone else will, and it may not be who you’d want. Without a valid will:

  • Your assets may not go to the people you intended.

  • If you have a de facto partner, they may need to fight for recognition of their rights.

  • Courts decide who will take care of your children if you pass away unexpectedly.

  • Family members may dispute inheritance, leading to costly legal battles.

  • The government may take control of your estate if no close relatives exist.

Essential Legal Documents Everyone Should Have

Estate planning isn’t just about writing a will it’s about ensuring every aspect of your personal, financial, and medical affairs is protected. There are three key documents every Australian should have in place:

1. Will – Who Gets What?
A will is a legally binding document that outlines how you want your assets (property, savings, investments, and possessions) to be distributed after you pass away. Without one, the government decides who gets what, which may not align with your wishes.

Why It’s Important:

  • Ensures your assets go to the right people, not just next of kin by default.

  • Avoids family disputes and legal battles over inheritance.

  • Lets you nominate a guardian for minor children, ensuring their care is in trusted hands.

2. Power of Attorney – Who Manages Your Affairs?
A Power of Attorney (POA) allows you to appoint someone you trust to make financial and legal decisions on your behalf if you become unable to do so yourself (e.g., due to illness, injury, or mental incapacity).

Why It’s Important:

  • Ensures your bills, mortgage, and financial commitments continue to be managed.

  • Prevents the need for costly court-appointed administrators if you become incapacitated.

  • Can be tailored to cover temporary or long-term decision-making authority.

3. Advance Care Directive – Who Decides Your Medical Treatment?
An Advance Care Directive (or Living Will) is a legal document that outlines your preferences for medical care and treatment if you’re unable to communicate them yourself. It ensures doctors and family members respect your wishes regarding life support, palliative care, and other treatments.

Why It’s Important:

  • Gives clear guidance to doctors and loved ones about your medical preferences.

  • Prevents family disagreements over healthcare decisions.

  • Ensures your values and beliefs are respected in medical treatment.

When Should You Review Your Estate Plan?

Estate planning isn’t a “set and forget” task. You should review your documents every 3 to 5 years and update them after significant life events, such as:

  • Marriage, divorce, or separation – Marriage can revoke a will, and divorce may require updates.

  • Birth of a child or grandchild – Ensure they’re included in your inheritance plan.

  • Buying property or acquiring wealth – Your assets need to be accounted for.

  • Starting a business – Plan for business succession if you become incapacitated.

  • Major health diagnosis – Ensure your medical wishes are documented.

  • Death of a beneficiary or executor – You may need to appoint someone new.

Take Action Now

Estate planning is about more than just preparing for the inevitable – it’s about protecting your loved ones and ensuring your wishes are honoured.
If you’re not sure of the next step, we can help put you in touch with a lawyer or estate planner today.